There are many great tax programs out there for first time and repeat home buyers. Below is a list of some of the tax savings and incentives.
Disabled home buyers upgrading to a more accessible home also qualify as do relatives helping disabled home buyers. Home buyers who have already used the plan and have fully repaid their RRSP may be eligible to use the plan a second time. |
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First-Time Home Buyers' Tax Credit |
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It’s calculated by multiplying the lowest personal income tax rate for the year by $5,000. |
Canada Revenue Agency |
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GST Rebate on new homes |
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Canada Revenue Agency |
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BC Property Transfer Tax (PTT) |
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First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $500,000. There is a proportional exemption for between $500,000 and $525,000. At $525,000 and above the rebate is nil. |
BC Ministry of Finance |
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BC property tax deferment programs |
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Seniors Financial hardship Families with children |
BC Ministry of Finance |
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BC Home Owner Grant |
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• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver, and Fraser Valley regional districts |
BC Ministry of Finance |
To qualify, the property (land and improvement) transfer must be registered at the Land Title Office after February 16, 2016, and you must be:
and the property must:
You may qualify for a partial exemption if the property:
Find out the amount of your exemption if you qualify.
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BC PPT information: |
Information Courtesy of the Vancouver Real Estate Board
https://www.rebgv.org/cost-saving-programs-homeproperty-buyers-and-owners